2290: Why Renting Will Make You Rich by FIRECracker

Optimal Finance Daily - Financial Independence and Money Advice

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Investing, Business, Education, Self-improvement

4.4 • 1.3K Ratings

🗓️ 30 April 2023

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

FIRECracker of Millennial Revolution insists that renting will make us rich. Episode 2290: Why Renting Will Make You Rich by FIRECracker FIRECracker is a world-travelling early retiree. She used to live in one of the most expensive cities in Canada, but instead of drowning in debt, she rejected home ownership. What resulted was a 7-figure portfolio, which has allowed her and her husband to retire at 31 and travel the world. Their story has been featured on CBC, the Huffington Post, CNBC, BNN, Business Insider, and Yahoo Finance. To date, it is the most shared story in CBC history and their viral video on CBC's On the Money has garnered 4.5 Million views. The original post is located here: https://www.millennial-revolution.com/rent/renting-will-make-you-rich/ Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Optimal Finance Daily Episode 2290, why renting will make you rich by firecracker
0:07.3	of millennialrevolution.com and I'm your host and personal finance enthusiast Diana Mariam.
0:14.3	Welcome back to Optimal Finance Daily, where every day I read and offer commentary on some
0:19.2	of the best personal finance blogs on the web in about 10 minutes or less.
0:24.3	Let's get right to it as we optimize your life.
0:31.3	Why renting will make you rich by firecracker of millennial-revolution.com.
0:38.8	Rent is throwing your money away. You'd be stupid not to buy a house.
0:43.9	Buying a house is the only way to secure your future.
0:47.6	These are all phrases I'm sure we've heard over and over again.
0:51.8	From our parents, from our friends, from our co-workers.
0:55.3	When I told my mother I'm financially independent and don't ever need to work again,
0:59.6	her response was, so what? You don't even have a house.
1:03.2	Boomers just can't stop selling the idea that buying a house is the only worthy life goal and
1:08.6	anyone who rents is a loser. So who created this illusion? Banks, real estate agents, boomers?
1:16.6	After all, they're the ones who stand to make a killing from all this,
1:20.9	with interest rates laughably low and housing prices absurdly high.
1:25.9	How can they possibly not win? But houses are not the cash cows that they've
1:30.3	let us to believe and here's why I refuse to buy one.
1:34.5	Renting lets me have a better career. Do you know what happens when you buy a house?
1:39.5	You get stuck in the same place for five to fifteen years. Why? Because you incur real estate
1:45.3	agent costs staging maintenance costs and lawyer fees every time you sell.
1:50.4	Additionally, for the first few years, your money is going towards interest and not towards
	...

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